Retirement

Questions about Medicare?

All employees of Georgia Tech are required by the Act of the General Assembly of the State of Georgia to participate in a retirement program. The retirement options you have are determined by your non-exempt status. In addition to one of the required plans, Georgia Tech offers two supplemental retirement saving plans. Your retirement plan selection is irrevocable. Below are the retirement plans an employee may participate in at Georgia Tech:

Teachers Retirement System of Georgia (TRS)

Eligible Employees: Regular Faculty or Staff working at least 50% or greater

TRS is a defined benefit plan with a 6.00 percent employee contribution and a 13.15 percent employer contribution for FY2015. TRS has a 10-year vesting period, 2 percent per year income replacement, and disability retirement at 10 years of service at any age.

Optional Retirement Plan (ORP)

Eligible Employees: Regular Faculty or Staff with FLSA exempt status

ORP is a defined contribution plan offered to salaried, exempt employees only. The plan requires a 6.00 percent employee contribution and has a 9.24 percent employer contribution. Vesting is immediate and the service providers include VALIC, Fidelity, and TIAA-CREF.

Please be sure to email your Account Confirmation page to benefits@ohr.gatech.edu once you've established your ORP account with the vendor of your choice. Please note that Fidelity does not have an online application; you must download the application, print, and submit. Your Enrollment Form application from the applicable financial provider must be received at the same time as your Retirement Election Form in order to set up your ORP contributions.

If you have not completed both the Retirement Election Form and Financial Enrollment Form from the applicable financial provider within 60 days from your date of hire or newly eligible date, you will default to the Teachers Retirement System plan.

Retirement Planning Appointments with Vendors

To confirm the days our retirement plan consultants are on campus click here.

Georgia Defined Contribution Plan

Eligible Employees: Temporary, non-exempt employees

The Georgia Defined Contribution Plan (GDCP) provides a retirement system for temporary, seasonal, and part-time employees of the State of Georgia who are not eligible for membership in the Employees’ Retirement System or the Teachers Retirement System. Members of GDCP are only covered for Medicare. There is no Social Security coverage. Members contribute 7.5 percent of gross salary to the plan through payroll deductions. The amount deducted is credited to the individual account of the member.

Eligible GDCP members can request refunds online:All eligible Georgia Defined Contribution Plan members may log in to their online account and select “Request a Refund” to initiate the refund process. If you do not have an online account, click here and then click the "Register" button.

In order to be eligible to apply for a refund, you must terminate your GDCP employment, your employer must notify ERSGA of your GDCP termination date, and your GDCP account status must be Inactive. Please allow 2 to 6 weeks from date of termination for your account to be updated to Inactive status.

Supplemental Retirement Savings Plans

403(b) Tax Sheltered Annuity Plan

Eligible Employees: Temporary and Regular Faculty or Staff

Employees can contribute up to $18,000 pre-tax for 2015 (additional $6,000 for age 50 and over) and may enroll and make changes to their election at any time. A Roth 403(b) is available for after-tax contributions. Service providers are Fidelity (Galen Mayo: galen.mayo@fmr.com or 404-858-7013), TIAA-CREF (Dean Yarbrough at 770-512-3527, and VALIC (Michael Beuttel at 770-428-5158, or David Fant at 678-269-4480).

To enroll in the 403(b) or change any of your elections regarding your current account please go to www.myretirementmanager.com/MyRM/?GATECH. On this site you can enroll, find vendor information, set, change or cancel deferrals and switch or add new vendors. You will also be able to request a loan or hardship withdrawal from all vendors. Requirements for approval will still apply.

457(b) Deferred Compensation Plan

Eligible Employees: Temporary and Regular Faculty or Staff

Employees can contribute up to a $18,000 pre-tax for 2015 (additional $6,000 for age 50 and over) and may enroll and make changes to their election at any time. Service providers are VALIC (Michael Beuttel, 770-428-5158 or David Fant, 678-296-4480), Fidelity (Galen Mayo: galen.mayo@fmr.com or 404-858-7013) and TIAA-CREF (Dean Yarbrough at 770-512-3527).

To enroll in the 457(b) or change any of your elections regarding your current account please go to www.myretirementmanager.com/MyRM/?GATECH. On this site you can enroll, find vendor information, set, change or cancel deferrals and switch or add new vendors. You will also be able to request a loan or hardship withdrawal from all vendors. Requirements for approval will still apply.

University System of Georgia Retirement Policies

To review the Board of Regents eligibility requirements for retirement and carrying group health insurance into retirement, click here. Please note there are special rules when an employee has a break in service, otherwise known as a Career Employee.

Retirement of a Career Employee

A USG employee who is employed prior to November 1, 2002, and who has had a break in service shall be eligible to retire as a career employee provided that on the date of his/her separation from employment:

He/she has attained age 60 and he/she has a minimum of ten (10) years of benefitted service established with a State of Georgia sponsored retirement plan. The last two (2) years of employment with the USG must have been served consecutively; or,

He/she has a total of twenty-five (25) years of benefitted service established with a State of Georgia sponsored retirement plan, regardless of age. The last two (2) years of employment with the USG must have been served consecutively.

A State of Georgia employee who became a USG employee prior to November 1, 2002, and who remains as a current USG employee, shall be eligible to retire as a career employee provided that on the date of his/her separation from employment:

He/she has attained age 60 and he/she has a minimum of ten (10) years of continuous benefitted service established with a State of Georgia sponsored retirement plan. The last two (2) years of employment with the USG must have been served consecutively; or,

He/she has a total of twenty-five (25) years of benefitted service established with a State of Georgia sponsored retirement plan, regardless of age. The last two (2) years of employment with the USG must have been served consecutively.

A state employee who is employed by the USG, a previous USG employee who is rehired by the USG, or a new hire of the USG after October 31, 2002, shall not be entitled to career employee status and must otherwise meet the definition of a retiree as set forth in Section 8.2.8.2 to be eligible for benefits continuation into retirement.

An individual, who has retired from another State of Georgia sponsored retirement plan, may not count such retirement service toward meeting the criteria for being a career employee (BoR Minutes, October 2002).

Retirement Planning Meetings with Human Resources

If you are approaching your retirement date within 60 days and would like to schedule an appointment with Human Resources, contact James Wallace at 404-385-0609.

To complete an Automatic Insurance Debit form for your retirement insurance premiums, complete the form, attach a voided check and fax to 404-894-6978 or mail directly to the Office of Human Resources 500 Tech Parkway NW, Atlanta GA 30332-0435.

Need Assistance?

Retirement Vendor Directory

Retirement Forms

Pre-Retirement Seminar Recordings

The
Georgia Tech Benefits Team hosted Pre-Retirement Seminars this spring. Faculty and staff thinking about retiring in
the next two years and would like to learn more about the TRS benefit,
Georgia Tech retirement benefits, and Social Security should view the recordings.